In the global eyewear and eye care industries, the segment of contact lenses has witnessed a sweeping transformation from being once considered lifestyle products to common eye accessories sought as a convenient and fashionable replacement to glasses. The vast rise in product varieties and easy affordability of contact lenses have led to a vast rise in users of contact lenses or a regular basis these days.
Transparency Market Research estimates that the global contact lens market will expand at a healthy 7.6% CAGR over the period between 2016 and 2024. Expanding at this pace, the market, which had a valuation of US$9.74 bn in 2015 in terms of revenue, is projected to rise to US$18.70 bn by 2024. In terms of volume, the market is expected to rise to 2,135.0 mn units by 2024.
Cast Molding Emerges as Most Sought After Contact Lens Manufacturing Technology
Of the key technologies employed for manufacturing contact lenses, including spin casting, cast molding, and lathe cutting, cast molding is presently the most preferred technology. In 2015, the cast molding technology contributed a share of 80% in global market’s revenues. Owing to the automated and computer controlled production of contact lenses with the help of cast molding technology, the manufacturer is assured of accuracy and highest level of quality of the final product. Additionally, injection molding allows for bulk production of the extremely popular disposable lenses, making cast molding the preferred manufacturing modality for cost reductions.
Through cast molding will continue to remain the dominant technology segment across the global lens market over the period between 2016 and 2024 as well, it is expected to lose prominence to the lathe cutting technology, which will see a rise in its share in the global market’s revenues from 14.3% in 2015 to 78.5% by 2024. Used for the production of gas permeable (GP) or rigid gas permeable (RGP) lenses, which have seen increased level of popularity in the past few years, the demand for lathe cutting in contact lens manufacturing has increased substantially.
GP contact lenses are known to offer excellent eye care owing to the fact that these varieties are less likely to harbor bacteria compared to soft contact lenses. The segment of gas permeable lenses is expected to witness a rise in its share in the global contact lens market pie, from 25.5% in 2015 to 28.4% by 2024.
Asia Pacific to Lead to Most Promising Growth Opportunities
North America is presently the dominant region for the contact lenses market, accounting for a share of over 30% in the global market in 2015. The vast rise in the number of middle-aged and senior ophthalmological patients, as well as the vast rise in ophthalmic issues among young people have led to the huge demand for contact lenses in the region in the past years.
Over the forecasting horizon, however, the global contact lenses market is expected to see the most promising growth across Asia Pacific. Vast rise in the awareness regarding the proper usage and benefits of contact lenses, rising penetration of modern technologies in contact lens manufacturing and the resultant accuracy and safety granted to contact lenses, and rising affordability are the key factors that will boost the demand of contact lenses in the region in the near future. The Asia Pacific contact lens market is estimated to reach US$4.76 bn by 2024.
Some of the key vendors in the global contact lenses market are Valeant Pharmaceuticals, Novartis International AG, Menicon Group, The Cooper Companies, Inc., STAAR Surgical, Carl Zeiss AG, Johnson and Johnson, SynergEyes Inc., Abbott Medical Optics, Inc., Essilor International S.A., and Charenton-le-Pont.
Contact lens comprises of two types of products, such as soft lens and gas permeable lens. Soft lenses are made of plastics and allow oxygen to pass through the eye cornea. They use materials that are translucent and flexible such as silicone hydrogel, that are high on oxygen permeability and are high on water retention capacity which makes them extremely comfortable for prolonged wear. At present, soft lenses have high oxygen permeability factor. Due to this, it can be worn overnight with extreme ease and comfort. These are used for correcting both near and farsightedness, as well as spherical aberration of the eye. In addition, gas permeable (GP) lenses are made up of durable plastics that are rigid and firm and transmit oxygen. It can resist any kind of deposits, as it does not contain water traces. It does not dehydrate easily, which makes them long lasting, durable and easy to handle. In addition, increase in younger population suffering from ophthalmological disorders, there is a continual demand for contact lenses among the population that is currently helping the growth of the contact lens market globally.
As per current trend, wearing glasses on a regular basis is a discomfort arena for most of the users especially in developed nations. Also, wearing glass is considered as old fashioned among moderate users and especially youth in between age group of 10 to 30. Contact lenses are a great alternative for glasses and consumers are inclining towards it due to the comfort and convenience it provides of not wearing traditional glasses. The variety of options available such as daily disposable soft contact lenses makes them more interesting and consumers prefer to wear contact lenses on a regular basis instead of glasses. Due to all these factors, this driver is expected to impact the market moderately and will remain a major driver as per its advantage.
Contact lenses are gaining importance among different age groups globally. The major reasons for this growth are the general eye disorders and advancement in medical sciences to deal with ophthalmological diseases. Currently, children are being prescribed by doctors for using contact lenses, whose are born with congenital eye disorders. In addition, pre-teens and teens often want to wearing contact lenses as they become more self-conscious about their appearance. Furthermore, the usage of contact lenses by young adults is also increasing globally, owing to the factors such as avoiding the inconvenience of replacing and repairing eyeglass frames during outdoor activities and sports.
In addition, increasing awareness regarding the handling and safe usage of contact lens is also penetrating the market. Many governments across the world are taking several initiatives to reduce the manufactures of harmful contact lens or local unsafe contact lenses. Governments in countries such as the U.S., Japan, China, and countries in the European Union had created stringent laws regarding medical conservation, there preventing the sale of contact lenses in beauty parlors, convenience stores, flea markets or other non-optical outlets. Other developing countries in the APAC region such as India and Hong Kong have also implemented this law.
By design, the market is segmented into spherical, toric, multifocal and others. Moreover, the report also provides cross sectional analysis of all the above segments across different countries within different regions such North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America includes the U.S. and Rest of North America. Europe includes U.K., Germany, France, Russia, Italy and Rest of Europe. Asia Pacific includes country such as India, China, Japan and Rest of APAC. In addition, Latin America comprise of countries such as Brazil and Rest of Latin America. Middle East and Africa includes country such as GCC, South Africa and Rest of Middle East and Africa.
Geographically, the Asia Pacific contact lens market is predicted to experience the fastest growth from 2016 to 2024 in global contact lens market. The increasing variation of contact lens such as daily disposable soft contact lenses (at cheaper cost) makes them more interesting and consumers prefer to wear contact lenses on a regular basis instead of glasses. This factor is enhancing the Asia Pacific contact lens market.
In order to get a better understanding of the contact lens market, a key trends analysis has been included for all the segments. In addition, the key players in the market have also been profiled in terms of their product segments, financial overview, recent developments and business strategies adopted by them. The leading players in the market include Valeant Pharmaceuticals (Québec, Canada), Menicon Group (Nagoya, Japan), Johnson and Johnson (New Jersey, U.S.), Novartis International AG (Basel, Switzerland), The Cooper Companies, Inc. (California, U.S.), SynergEyes Inc. (California, U.S.), STAAR Surgical (California, U.S.), Carl Zeiss AG (Oberkochen, Germany), Abbott Medical Optics, Inc. (California, U.S.) and Essilor International S.A. (Charenton-le-Pont, France) among others.
The Asia Pacific and Latin America sugar confectionery market can be segmented as follows;-
Global Contact Lens Market, by Product Type
- Soft Lens
- Gas Permeable (GP)
Global Contact Lens Market, by Design Type
Global Contact Lens Market, by Technology Type
- Spin Casting
- Cast Molding
- Lathe Cutting
Global Contact Lens Market, by Geography
- Rest of North America
- Rest of Europe
- Rest of APAC
- Rest of Latin America
Middle East and Africa
- South Africa
- Rest of Middle East & Africa